Bank of New York Mellon Corp Cuts Holdings in Paramount Skydance Corporation $PSKY

Key Points

• Bank of New York Mellon cut its Paramount Skydance stake by 15.1% in the first quarter, selling 224,623 shares and retaining 1.27 million shares worth approximately $11.4 million. Institutional investors collectively own 73% of the company.
• Analyst sentiment remains cautious: PSKY has an average “Reduce” rating and a $12 price target, with nine analysts rating it a Sell, five issuing Holds and two recommending a Buy.
• PSKY opened at $7.96, near its 12-month low of $7.62, despite beating quarterly earnings estimates with $0.23 in EPS on $7.35 billion in revenue. The company also declared a quarterly dividend of $0.05, representing a 2.5% annualized yield.

Bank of New York Mellon Corp trimmed its position in Paramount Skydance Corporation (NASDAQ:PSKY - Free Report) by 15.1% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,266,653 shares of the company's stock after selling 224,623 shares during the quarter. Bank of New York Mellon Corp owned about 0.11% of Paramount Skydance worth $11,425,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the company. State Street Corp purchased a new position in Paramount Skydance during the 3rd quarter valued at approximately $524,371,000. Invesco Ltd. bought a new position in shares of Paramount Skydance during the 3rd quarter valued at approximately $288,551,000. Contrarius Group Holdings Ltd grew its holdings in shares of Paramount Skydance by 52.9% in the fourth quarter. Contrarius Group Holdings Ltd now owns 15,088,097 shares of the company's stock valued at $202,180,000 after purchasing an additional 5,221,622 shares in the last quarter. Amundi purchased a new position in shares of Paramount Skydance in the third quarter valued at $80,539,000. Finally, Deutsche Bank AG increased its position in Paramount Skydance by 185.9% in the fourth quarter. Deutsche Bank AG now owns 5,573,970 shares of the company's stock worth $74,691,000 after purchasing an additional 3,624,388 shares during the last quarter. 73.00% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on PSKY. Morgan Stanley raised shares of Paramount Skydance from an "underweight" rating to an "overweight" rating and upped their price target for the company from $11.00 to $14.00 in a research note on Thursday, April 30th. Arete Research restated a "sell" rating and issued a $2.00 target price on shares of Paramount Skydance in a report on Thursday, July 9th. Weiss Ratings restated a "sell (d-)" rating on shares of Paramount Skydance in a research report on Wednesday, June 24th. Guggenheim lowered their price target on shares of Paramount Skydance from $14.00 to $12.00 and set a "neutral" rating for the company in a report on Tuesday, May 5th. Finally, Wells Fargo & Company dropped their price target on Paramount Skydance from $8.00 to $7.00 and set an "underweight" rating for the company in a research report on Tuesday, May 5th. Two equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and nine have given a Sell rating to the company. According to data from MarketBeat.com, Paramount Skydance presently has an average rating of "Reduce" and an average target price of $12.00.

Paramount Skydance Price Performance

PSKY stock opened at $7.96 on Friday. The stock has a market cap of $8.91 billion, a PE ratio of 13.96, a P/E/G ratio of 0.52 and a beta of 1.43. Paramount Skydance Corporation has a 12 month low of $7.62 and a 12 month high of $20.86. The company has a 50-day moving average price of $9.69 and a 200 day moving average price of $10.36. The company has a current ratio of 1.10, a quick ratio of 1.00 and a debt-to-equity ratio of 1.16.

Paramount Skydance (NASDAQ:PSKY - Get Free Report) last posted its quarterly earnings data on Monday, May 4th. The company reported $0.23 earnings per share for the quarter, topping analysts' consensus estimates of $0.15 by $0.08. Paramount Skydance had a negative net margin of 2.08% and a positive return on equity of 4.58%. The company had revenue of $7.35 billion for the quarter. During the same period last year, the company earned $0.22 earnings per share. Equities research analysts anticipate that Paramount Skydance Corporation will post 0.62 earnings per share for the current year.

Paramount Skydance Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th will be given a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend is Tuesday, September 15th. Paramount Skydance's dividend payout ratio is 35.09%.

About Paramount Skydance

Paramount Skydance Media Group Nasdaq: PSKY is a media and entertainment company created through the proposed combination of Paramount Global’s filmed entertainment and streaming operations with Skydance Media, a privately held content studio. The combined business will encompass the development, production and distribution of feature films, television programming and digital content, drawing on a library of legacy Paramount Pictures franchises alongside Skydance’s blockbuster tentpoles and animation slate.

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